Diamonds are spreading its sparkle all over India. Proof for it is visible in Kolkata, which has already outshined the traditional markets of Mumbai, Delhi and Chennai in terms of growth in sale of diamond jewellery.
It seems the sparklers have caught Kolkatans in a spell. According to Diamond Trading Corporation's figures, another city which has got mesmerised by diamonds is Hyderabad.
Diamond jewellery sales in Kolkata and Hyderabad have registered a robust growth of 31 per cent while the national average is 21 per cent. On the other hand, Mumbai has reported a growth of 20 per cent, Delhi 16 per cent and Chennai 21
per cent. According to DTC India officials, the high growth in these two metros is because of increase in the stocking capacity and rise in demand for diamonds. Furthermore, in Mumbai and Delhi some units were closed down in 2006.
While the total jewellery market in India is pegged at Rs 80,000 crore (Rs 800 billion), the diamond market is estimated to be about 9,500 crore (Rs 95 billion). Kolkata and Hyderabad each constitute about Rs 1200 crore (Rs 12 billion) of the total diamond jewellery market. The overall diamond sales is also experiencing a steady increase for the last three to four years.
